Hoyer: Bush Administration’s Failed Economic Record Demonstrates Need for New Direction

For Immediate Release:

August 1, 2008

Contact:Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON, DC – House Majority Leader Steny Hoyer (MD) released the following statement this morning after the Department of Labor reported that the American economy lost another 51,000 jobs in July, bringing the total job loss for 2008 to 463,000 jobs:
 
“Today’s jobs report is nothing short of disheartening, particularly for those American families who are unemployed and trying to find work.  But what is really disconcerting is that this Administration – which has pretended for seven and one-half years that its economic policies were working – has no pro-active strategy to address our economic challenges because it will not admit that its polices have failed.
 
“The economy has lost jobs for seven consecutive months.  Household incomes are down.  Gas and food prices and health care and college costs are exploding.  And what does this Administration propose to do about it?  Absolutely nothing.  Instead, a leading Republican dismisses the concerns of millions of Americans as ‘whining’ and claims we are only in a ‘mental recession.’
 
“The truth is, this Administration’s economic performance hovers somewhere between dismal and disastrous.  President Bush, who came to office after the longest peacetime expansion of our economy in history and who inherited record budget surpluses, will leave his successor an economy that is limping badly and record budget deficits and debt that threaten our economic security.
 
“It is long past time for a new direction in America.  And that is precisely what Democrats are working to achieve, having enacted an economic stimulus plan and landmark housing legislation, and working to increase domestic energy production to reduce prices at the pump.  In the days ahead, Democrats in Congress intend to consider an economic recovery package and other measures to address the needs of the American people.”
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